Getting some fuel for the final push | DXY Market Outlook 1-1-21
People getting trapped by their own greed and FOMO on a Dollar rising, which hasn't come yet. It happened last week and will happen again now.
I want to make it clear enough here. If we want to see DXY outperforming other G10 currencies we will have to wait until a bullish wave sequence 1-5. At this point, it seems the only thing that would be convincing enough to signal a new cycle. Yet, we need to be a little bit more patient. We have to follow the trend; a method that never goes bad. Do not get trapped in corrections.
DXY is now ending its 5 wave bearish movement as is seen in the chart. That means that we should start checking the charts for any ending diagonals or any reversal patterns in general. Some fibo levels are used here to indicate some theoretical crucial levels where we could see reversal happening. If none holds the price, then 88.200 is our final level. If that breaks too, don't expect a strong dollar anytime soon, unless some very very strong economic events take place.
Hope you liked this analysis! If you did, you can leave a like to support my effort and time!
I want to make it clear enough here. If we want to see DXY outperforming other G10 currencies we will have to wait until a bullish wave sequence 1-5. At this point, it seems the only thing that would be convincing enough to signal a new cycle. Yet, we need to be a little bit more patient. We have to follow the trend; a method that never goes bad. Do not get trapped in corrections.
DXY is now ending its 5 wave bearish movement as is seen in the chart. That means that we should start checking the charts for any ending diagonals or any reversal patterns in general. Some fibo levels are used here to indicate some theoretical crucial levels where we could see reversal happening. If none holds the price, then 88.200 is our final level. If that breaks too, don't expect a strong dollar anytime soon, unless some very very strong economic events take place.
Hope you liked this analysis! If you did, you can leave a like to support my effort and time!
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